Acquisitions30 Apr 2026, 11:34 am
Federal Bank to Acquire Retail Credit Card Portfolio from SCB India
AI Summary
Federal Bank Ltd's Board of Directors approved entering into a deed of assignment (DOA) with Standard Chartered Bank, India (SCB India) to acquire a select portfolio of retail credit cards. The decision was made during a board meeting on April 30, 2026, which resumed from the previous day. The bank will provide updates on the execution of the DOA in due course. The meeting commenced on April 29, 2026, at 01:20 p.m., adjourned, and resumed on April 30, 2026, at 10:00 AM, with the matter approved at 11:15 AM.
Key Highlights
- Federal Bank's board approved acquiring a retail credit card portfolio from SCB India.
- The acquisition will be formalized through a deed of assignment (DOA).
- The board meeting was held on April 30, 2026, following a resumption from April 29.
- Federal Bank will provide updates on the DOA execution in due course.